Cadbury Nigeria Plc, a subsidiary of Mondelez International, has announced a revenue of N89.5 billion for the third quarter of 2024, which represents an increase of 51 percent over the N59.2 billion it declared in the third quarter of 2023.

Cadbury Nigeria’s gross profit dropped by 9 percent from N16.3billion recorded in the third quarter of 2023 to N14.7billion in the period under review, while it made a loss of N11.8billion in Q3 2024 compared to N10.2billion in Q3 2023, which is a 16 percent increase.

In a statement, the Company noted that the naira devaluation caused by the persistent forex crisis and high cost of operation have continued to impact negatively on its profitability, despite growth in turnover. Cadbury Nigeria reaffirmed its commitment to doing business in the country, despite the current challenging operating environment.

The statement said Cadbury Nigeria had taken steps to mitigate some of these challenges, adding that its shareholders had earlier this year, approved the conversion of an outstanding intercompany loan of $7.718 million (₦7,036 billion) owed to its majority shareholders, Cadbury Schweppes Overseas Limited, to equity, at an Extraordinary General Meeting, in Lagos.

Adeboye said: “We are not insulated against the harsh business environment in Nigeria that has impacted negatively on the profitability of many companies across virtually all sectors of the economy.

“Despite this, we would like to reassure our stakeholders, particularly our shareholders and customers, that we will continue to remain innovative and resilient to help us better manage these challenges. We are here for the long haul.”

About Mondelēz International
Mondelēz International, Inc. (Nasdaq: MDLZ) empowers people to snack right in over 150 countries around the world. With 2022 net revenues of approximately $31.5 billion, MDLZ is leading the future of snacking with iconic global and local brands such as OREO, belVita, and LU biscuits; Cadbury Dairy Milk, Milka, and Toblerone chocolate; Sour Patch Kids candy, and Trident gum. Mondelēz International is a proud member of the Standard and Poor’s 500, Nasdaq 100, and Dow Jones Sustainability Index. Visit www.mondelezinternational.com or follow the company on Twitter at www.twitter.com/MDLZ.